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BP's fourth quarter profits jump, but miss estimates

Published 02/02/2010, 04:17 AM
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Oil giant  BP PLC (BP) posted on Tuesday a 68.3% rise in adjusted profit for the fourth quarter, but its shares fell more than 4% after the earnings fell short of analysts' expectations due to poor performance in refining.

BP reported fourth-quarter earnings of $4.3 billion, or 23 cents a share, compared with the previous year's loss of $3.3 billion, or 18 cents a share, due to increased oil and gas production and a higher average oil price. 

Excluding one-time items and gains or losses from inventories, the earnings of Europe's largest oil company rose to $4.38 billion from a year earlier, missing analyst estimates of $4.7 billion. 

European stock markets slipped in the wake of the report: France’s CAC 40 was down 0.32%; Germany's DAX slipped 0.28%; the EURO STOXX 50 was down 0.24%; and Britain's FTSE 100 fell 0.36%.

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